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Financial Report: PPD 3Q

Development segment revenue for the quarter was $315.8 million (-12%), and income from operations was $52.2 million (-25%).

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By: Tim Wright

Editor-in-Chief, Contract Pharma

PPD 3Q09

3Q Revenue: $341.1 million (-13%)

3Q Earnings: $37.7 million (-25%)

YTD Revenues: $1.1 billion (-11%)

YTD Earnings: $140.3 million (flat)

Comments: Development segment revenue for the quarter was $315.8 million (-12%), and income from operations was $52.2 million (-25%). Discovery sciences segment revenue for the quarter was $1.1 million (-68%). Discovery sciences segment loss from operations was $5.3 million, compared to income of $0.6 million in 3Q08, due to an increase in R&D expenses from the company’s dermatology business, which it acquired in 2Q09. Revenue in the quarter included a $3.0 million milestone payment from Takeda Pharmaceutical Co., triggered by the submission of a new drug application for alogliptin in Japan.

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